June 21, 2024

Decentralized Protocol BarnBridge held a vote that ended today, October 12. The vote aimed to determine how the protocol would react to the United States Security and Exchange Commission’s demands. 

Notably, the vote results from the ongoing SEC investigation into the DAO that began in June 2023. The BarnBridge DAO conducted this vote, the governance council of the protocol. 

BarnBridge DAO Reach Unanimous Decision To Comply With SEC Order

Source: snapshot.org

BarnBridge DAO voted today, October 12, on its response regarding the ongoing SEC investigation. The voting ended in a unanimous decision for the organization to comply with the SEC’s potential demands. 

Furthermore, the protocol is willing to pay fines if necessary. The decisions also included the selection of Tyler Ward and Troy Murray as the DAO’s special delegates to relate with the SEC. Meanwhile, Douglas Park still retains his position as the DAO’s legal counsel and will sign the final draft of the order on BarnBridge’s behalf. 

In addition, voters approved the DAO’s treasury to sell any amount of tokens possible. According to data from two public wallets, BarnBridge’s treasury’s value is slightly above $200,000 in several cryptocurrencies

Some of these funds are set aside for legal expenses, according to Barnbridge’s governance proposal. Although BarnBridge is not the first DAO to face SEC action, it is likely the first to seek advice from its community on its next move. 

Notably, BarnBridge’s native token, BOND, continues to decline on the price chart, with a 4.4% decrease in the last 24 hours. BOND is 99.13% below its all-time high of $185.7.

As of 4:52 a.m. EST today, the token traded at $1.63. Its current price decline reflects the bearish investor sentiment for the token amid the ongoing investigation. 

BarnBridge DAO Suspended All Operations Due To Ongoing Investigation

Source: discord.com

On July 7, 2023, BarnBridge DAO members were instructed to suspend all work related to the project due to an investigation from the SEC. This instruction was revealed on the Discord Channel by lawyer Douglas Park.

According to Park, all work on BarnBridge-related products should stop, noting that he has limited information to share regarding the issue. Meanwhile, there is no explanation on why BarnBridge was under investigation, with the lawyer noting that the ongoing investigation is non-public.

But 100% of BarnBridge’s token holders voted to retain the law firm Park and Dibadj as legal counsel. Notably, 213,000 votes were cast, and 94.3% (201,000) came from the barnbridge.eth wallet. For context, BarnBridge is a risk management DeFi protocol that handles inflation risk and interest rate volatility. 

FUD levels increased in the ecosystem since the SEC investigation began. As a result, Tyler Ward locked down all threads due to rampant speculation on July 8. 

However, he promised that all updates from the legal authorities would be communicated moving forward. While the US SEC continues its onslaught on crypto, various players have initiated steps to explore overseas markets.

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